Olulana spoke to HumanIPO on the uniqueness of the platform and how they plan to sell 30 million phones before th3e of 2015.
HumanIPO: What is the startup all about?
Olulana: giddiphones.com is an online classified ad site dedicated exclusively to phones. It is an online platform where buyers and sellers meet and we are very committed to simplifying the way Nigerian consumers acquire phones. We want to be to mobile phones what Cheki.com is to cars
Why are you focusing on creating classified online ad site?
We decided to launch a classified ad site because of the rapidly increasing consumer expenditure on mobile phones online and the fact the classified ad model helps us achieve our goal of connecting sellers of mobile phones to the huge market of buyers online, and Connect buyers to a variety of sellers
Who can use your services?
Any internet enabled Nigerian who wants to buy or sell mobile phones at the best price
How do you avoid frauds on your platform?
We strongly advise buyers on our platform to meet the sellers in person and in a public place, to thoroughly ensure that phones are in good condition before payment. We are also currently working on a model to verify sellers.
Who are your competitors and what advantage do you have over them?
Our primary competitor is a generic classified ad platform like olx.com and our competitive advantage over them is that we are targeting a niche market, and our inventory is better categorized than olx.com
How do you plan to dominate the market?
30 million mobile phones are expected to be sold between now and the end of 2015. giddiphones.com is currently being positioned to ensure that our inventory of sellers will be adequate to cater for this huge market and also be strategically placed through innovative marketing (online and offline) and front of buyers.
Why do you think this is the right time for classified online ad sites in Nigeria?
The Nigerian market is ripe for an online classified ad site due to the wide spread of internet awareness and the fact that Nigerian consumers are steadily becoming very comfortable doing transactions online.
Ads could be published for free, so how do you intend to monetise?
30 million phones are expected to be sold between now and the end of 2015, We are targeting 3 million people from which we are planning to make US$1 per year in advertising which will amount to a USD 3 million annual revenue As our inventory and popularity grows we will also gradually introduce premium listing. With the continually growing mobile phone consumption in Nigeria, We expect mobile phone purchases to constantly be on the rise.